To bring the Real Estate Business Law into effect soon

The Law on Real Estate Business 2023 (officially effective from August 1, 2024 instead of January 1, 2025 as before) is considered necessary and appropriate in the current period when real estate is considered one of the pillars of the economy , helping to concentrate resources and create fixed assets for the country. In order for the Law to come into effect soon, the province is urgently reviewing and completing related implementation documents.

A corner of the central urban area of Ha Long City.

The 2023 Law on Real Estate Business (No. 29/2023/QH15) is built on the spirit of inheriting, adjusting and supplementing the 2014 Law on Real Estate Business (No. 66/2014/QH13) to suit the current new situation. New points in the Law are adjusted in the direction of resolving difficulties, minimizing procedures, publicity, transparency, and freedom of agreement on the basis of respecting the rights and legitimate interests of the parties through contracts. The Law has attached the responsibility of state agencies in building a unified, synchronous, and specific legal system for real estate business, creating a healthy legal corridor for real estate business activities.

The Law supplements prohibited acts to ensure consistency with the Civil Code, Investment Law, Land Law, Housing Law and to be consistent with practice: It is strictly forbidden to falsify documents, intentionally falsify information about real estate, real estate projects put into business; transactions of land use rights, houses, and construction works that do not meet business conditions are still rampant in the market, leading to great difficulty in control... This will contribute to preventing and minimizing the previous inappropriate situation.

With the goal of soon bringing legal regulations into life, developing the real estate market healthily and strictly managing this market..., implementing Decree No. 94/2024/ND-CP of the Government "Detailing a number of articles of the Law on Real Estate Business on the construction and management of information systems, databases on housing and real estate market"; Official Dispatch No. 63/CD-TTg (dated June 26, 2024) of the Prime Minister on accelerating the progress of construction and promulgation of documents detailing the implementation of the Law on Real Estate Business..., the Provincial People's Committee has directed the Department of Construction to preside over, collect opinions, draft and promulgate a number of specific regulations and contents of the Law, in order to guide, apply, propagate and deploy in the province.

Specifically, regulations on housing development according to projects are applied to urban, rural and other areas in the spirit of housing type structure and area suitable to market demand, suitable to the new rural construction program, customs and practices of each ethnic group, natural conditions of each region, area according to the investment policy approved by competent authorities. For multi-storey houses with many apartments of individuals for rent, it is necessary to ensure conditions on traffic roads, parking lots for fire trucks for fire fighting vehicles to perform fire fighting and rescue tasks. Along with that are regulations on land for social housing development, regulations on coordination in providing housing information, archiving, handing over and managing housing records for housing management agencies, etc.

According to the Department of Construction, there are currently over 80% of opinions from departments, branches and localities participating in the draft Decision of the Provincial People's Committee. Most agree that the 2023 Law on Real Estate Business has many new and important breakthrough contents to contribute to the goal of perfecting institutions and policies, improving the effectiveness of state management. The Decision of the Provincial People's Committee will contribute to the transparency and professionalization of real estate brokerage and transaction activities; ensure the stable and healthy development of the real estate market... The Department of Construction is continuing to urge the remaining units to promptly complete their comments and participate in the draft in August 2024 to report to the Provincial People's Committee for consideration, adjustment and issuance of specific Decisions to realize the provisions of the Law.

In recent years, the province has had a synchronous and modern infrastructure system, becoming the locality with the best infrastructure index in Vietnam, the 5th highest urbanization rate in the country. This has led to a rather vibrant, attractive and diverse real estate market. The development of the real estate market will create growth momentum for related industries, meeting the needs for housing and urban development, tourism, services as well as social infrastructure, improving the effectiveness and efficiency of land management and use... The early completion of regulations for the Law to come into life is a focused and urgent task in the current period, in order to create macroeconomic stability and create good growth momentum. Therefore, units and localities need to speed up the progress of participating in the draft Decision, develop guiding documents according to their authority; promote the dissemination of new points of the Law to the people.

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